Lynnfield residents will see a 2.5% property tax increase in the coming fiscal year, in part because average home values remain down.
The average single family home in Lynnfield (3,817 of them) would pay $7,538 in property taxes in FY 2013, according to figures provided to local media at the last selectmen's meeting. This would be an average tax increase of $186, at a rate of $14.82 per $1,000 in assessed value.
A report from the board of assessors during the meeting noted that residential values were down about 1.8% in town over the last year, while commercial values were up about 2.6%. Town statistics indicate an average single family home value of $508,761 in Lynnfield in FY13.
Commercial, Industrial, Personal Property
The town's commercial, industrial and personal property (CIP) tax payers will also see a 2.5% tax increase, averaging out to about $519 each. The average CIP tax comes out to $21,170 in FY13, based on an average property value of $1,300,026. The CIP tax rate would be $16.28 per $1,000 in assessed value.
CIP in Lynnfield in FY13 accounts for less than 10% of town properties - or more specifically, 9.2%. This figure bottomed out at 6.7% back in 2007, according to town statistics, but back in 2000 and 2001, it was actually at 9.1%.